Business, Banking, & Bookkeeping in the Middle Ages

 Accountants (and bookkeepers) fulfill several roles for our clients – risk managers, advocates, confidants, and fiduciary to name a few.  All these roles are vital, but from an accounting view one stands out above the rest:  fiduciary.   The concept of a fiduciary or trustee has spanned centuries and industries, but the core principle is the same:  a fiduciary is expected to act with the highest level of honesty, integrity, and loyalty on behalf of the beneficiaries’ interests.

The advent of double entry bookkeeping is one of the most significant milestones in the history of accounting and finance. Developed during the late Middle Ages and popularized by Luca Pacioli in the 15th century, this ingenious system transformed the way businesses, governments, and individuals recorded financial transactions. Today, double entry bookkeeping stands as a fundamental pillar of modern finance, ensuring accuracy, transparency, and accountability in financial reporting.